Pension/Trust
#17
Re: Pension/Trust
Hi Hotscot no problem, here is an overview below
*UK employer work pension plan (defined contribution plan)/ dormant (under $900 / my employer contributions were higher than my contributions this was confirmed by viewing my pension online )
*UK bank account - (under $100, no interest)
Last year I filed a FBAR as my bank account was a bit over the $10k I noted my pension on this as well.
*UK employer work pension plan (defined contribution plan)/ dormant (under $900 / my employer contributions were higher than my contributions this was confirmed by viewing my pension online )
*UK bank account - (under $100, no interest)
Last year I filed a FBAR as my bank account was a bit over the $10k I noted my pension on this as well.
#18
Re: Pension/Trust
It doesn't look like you have a trust. Unless I'm missing something.
Why are you stressed?
It looks like you've nothing, non-US, to report.
Why are you stressed?
It looks like you've nothing, non-US, to report.
Last edited by Hotscot; Apr 1st 2019 at 10:10 pm.
#19
Re: Pension/Trust
Apologies to any users I messaged asking for advice, US taxes are new to me and I want to ensure all is correct. Sorry to cook_county and theOAP for messaging for advice I view both of you as great experts with a wealth of knowledge and appreciate all the support you provide users on here.
Lastly a big thank you to yourself hotscot for all the help you have provided it really is much appreciated
I guess for clarity am I correct in saying my UK pension comes into play every year on a schedule B part3, on a FBAR and 8938 (when applicable) and most definitely when I retire and withdraw from it.
With regards to my first year taxes (last year) any contributions made to my pension plan before I became a US resident/moved across the pond are not noted on taxes, is this correct??
Last edited by dee98; Apr 2nd 2019 at 12:02 am.
#20
Re: Pension/Trust
I guess for clarity am I correct in saying my UK pension comes into play every year on a schedule B part3, on a FBAR and 8938 (when applicable) and most definitely when I retire and withdraw from it.
With regards to my first year taxes (last year) any contributions made to my pension plan before I became a US resident/moved across the pond are not noted on taxes, is this correct??
With regards to my first year taxes (last year) any contributions made to my pension plan before I became a US resident/moved across the pond are not noted on taxes, is this correct??
Comes into play...not sure what you mean but I think you're not taking any income from it currently? If you're not I don't think you need to report it even if it's generating interest/dividends inside the pension wrapper. (Unless it reaches FBAR/FATCA thresholds.)
Pension contributions not noted.
#21
Re: Pension/Trust
Comes into play...not sure what you mean but I think you're not taking any income from it currently? If you're not I don't think you need to report it even if it's generating interest/dividends inside the pension wrapper. (Unless it reaches FBAR/FATCA thresholds.)
Pension contributions not noted.
Pension contributions not noted.
On my year 1 taxes in reference to my pension I noted my pension on the FBAR I assume that was correct and all required for year one?
Thank you once again mate!
Last edited by dee98; Apr 2nd 2019 at 1:27 am.
#22
Re: Pension/Trust
FBAR and if you were a tax resident in Year 1 and if it reached the threshold, yes.
(I don't think you need to report on Schedule B until you actually take income from it.)
(I don't think you need to report on Schedule B until you actually take income from it.)
Last edited by Hotscot; Apr 2nd 2019 at 1:42 am.
#23
Re: Pension/Trust
Yeah when I mentioned schedule B I meant I will always complete part 3 for foreign accounts since I have a bank account and pension and answer the Fbar question as it applies and no to the trust question since I do not have a trust.